Find the consumer surplus at the equilibrium price

Reference no: EM131997264

Question: In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 40 have been sold. If it is estimated that 400 could have been sold if the price had been 520,000 dollars. Assuming that the demand curve is a straight line, and that 520,000 dollars and 400 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price.

Reference no: EM131997264

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